SPX ES SPY Setups for 1/12/24
Trading Doggy Style registration will be closing this weekend and we will get started with the interactive portion. If you’re interested in registering, please make sure to read this post about it HERE along with the course questions room in Discord. I don’t want anyone signing up not knowing what to expect.
Discord policy may change to a wait period in the near future. Instructions for access (free for paid substack subscribers) are HERE. Reminder that it can take a couple days to get the invite link and ultimately assigned member status once in the “landing” area of Discord.
In last night’s commentary we discussed the discussed where bulls would need to defend on a bearish reaction to CPI, and what it would look like for us to short above today’s highs. Below is the full commentary for learning purposes:
You can see that the bearish reaction indeed held 4804 and resolved 28 handles higher.
This then brings us to the second part of last night’s commentary regarding what we would need to see in order to get short. This was reiterated this morning (along with patience for my bear friends) in the discord 20 minutes before the CPI print:
This played out perfectly. The rip off the lows exhausted out buyers, we got a look above and fail of yesterday’s highs, and ultimately broke both the 30 minute opening range low and IB low. The precursor sequence to the 30 minute opening range breakdown was commentated as well. I would encourage everyone to review the action there along with the commentary.
Buyers ultimately stepped in at our strong 4771-4775 range that we had longed on Tuesday and ran for nearly 50 handles.
In the end, the day closed relatively flat. We certainly saw our first signs of interested sellers, but the dip was ultimately bought. We have PPI tomorrow, will buyers have to buy another dip?